Next-gen advisors ‘demanding more ownership’ of their firms

investmentnews.com:

The number of advisors in the wealth management industry may be declining but one advisor is hoping to shed some light on how firms can change that – by attracting and retaining key talent.

Ali Criss-Kemp, CEO and owner of Financial Insights, says to do that, there have to be some changes in the way things are being done at many firms.

“Things have changed post-Covid with what advisors want to see and what they want their workplace to look like, and what type of benefit packages they want to see in order to stay,” she says. “It’s very easy to jump ship from firm to firm, thinking the grass is greener on the other side.”

Criss-Kemp, who will be a speaker at the upcoming RIA Connect New York conference on April 16, said firms should be building their practice to be more inclusive of millennials and the next generation.

“I want to focus on how you can build your practice to not only get trained, or to attract top talent, but also to retain that top talent by way of your benefit package, internal ownership, ideas and culture,” she said, when asked what she plans to touch on in the panel.

You can find more information on the RIA Connect event and register for the event by clicking here.  

Compensation strategies, stock incentive ideas and training from within an organization are just some of the strategies Criss-Kemp mentioned when it comes to retention. She also said that to attract and retain the next generation, advisors will have to more open-minded about firm ownership, firm buy-in and stock ideas in a way that “we haven’t seen before.”

“The next gen is demanding ownership, and they’re demanding leadership positions,” Criss-Kemp says. “They don’t want to work a 9-to-5 for 40 years and then work for someone else. They